Edify Energy and BlackRock complete large-scale solar financing

Sydney, Australia: Australian renewable energy company Edify Energy is pleased to announce the successful completion of large-scale solar project financing to build and operate two solar farms in North Queensland: the 150 MW (AC)/180 MWp (DC) Daydream Solar Farm and 50 MW (AC)/60 MWp (DC) Hayman Solar Farm.

This landmark solar finance deal:

• brings a first-time investment in the Australian renewable energy sector by global leader in investment management, BlackRock, on behalf of its clients;
• unites the Clean Energy Finance Corporation (CEFC), the Commonwealth Bank of Australia (CBA) and French bank Natixis in the provision of a long-term syndicated debt facility;
• has secured an offtake agreement with Origin Energy for the Daydream Solar Farm. Hayman Solar Farm has been financed on a merchant basis;
• will result in the addition of 240 MWp of solar energy to the national grid, enough to power 73,000 homes;
• supports the development of regional Queensland through the creation of hundreds of jobs in the area;
• provides another platform for acceleration and growth of Edify Energy; and
• is a significant step forward for renewable power in Australia.

This project represents the next stage of Edify’s plan to build an integrated clean energy business in Australia which includes actively pursuing a range of other energy related opportunities in Australia including energy storage projects. The completion of this project brings Edify’s portfolio to five solar farms and the provision of a combined 440MWp of renewable energy capacity to the national electricity grid.

Edify Energy Chief executive, John Cole said: “We are delighted to have closed another large utility scale solar PV financing transaction and to be a significant contributor to the renewable energy market in Australia. Partnering with BlackRock Real Assets, and their first investment into the Australian renewable energy market, is a real coup for Edify and is a major step forward towards mainstreaming solar renewable power in Australia. With a pipeline of projects under development, we look forward to playing a meaningful part in the decarbonisation of the Australian energy sector”.

Construction on both projects will commence in September 2017 with both solar farms being constructed by Australian firm RCR Tomlinson.

RCR Managing Director & CEO, Dr Paul Dalgleish said “We are very pleased to continue our strong relationship with Edify Energy to deliver these two large-scale solar energy projects generating a combined 240MWp”.

Edify Energy continues to maintain a long-term ownership interest in its projects and will undertake the construction management and long-term asset management roles for both solar farms, aligning interests with its majority equity partners.

Advisors to the projects involved in the completion of this successful transaction include Ashursts (legal advisors), Elgar Middleton (debt advisors) and KPMG (financial and tax advisors).

Key project attributes

Media contact

John Cole
CEO, Edify Energy
[email protected]
+61 7 3102 6500